Russia's Evraz Group Completes Acquisition of Oregon Steel
Russian coal and steel producer Evraz Group said Wednesday that it has completed its acquisition of Oregon Steel Mills, one of the largest investments in the United States by a Russian company.
Evraz agreed in November to buy Oregon Steel for $2.3 billion (1.8 billion euros), or $63.25 a share in cash. The deal received U.S. regulatory approval on Jan. 10, and Evraz said last week that it had received more than 90% of the nearly 36 million shares of Oregon Steel stock - enough to bypass a shareholder vote.
Evraz said the acquisition of the Portland, Oregon-based company was completed through a "short-form" merger of Oregon Steel with Evraz's wholly owned subsidiary Oscar Acquisition Merger Sub Inc. It said payment had been made for all tendered shares.
"We ... look forward to jointly building a world-class company with efficient operations, diverse revenue streams and high margins," Evraz Chairman and CEO Alexander Frolov was quoted as saying in a news release.
He said the combined company starts out as "a global leader in the important rails market, with a strong presence in the two largest railway countries."